When Spotify finally lists its stock for public trading, the company could be valued at as much as $20 billion, according a report from Reuters. The Swedish music streaming service is currently valued at around $16 billion based on private trading, Reuters’s sources say. That’s a $3 billion increase in its valuation since June.

With over 150 million listeners, Spotify is the biggest music service of its kind, despite ever-increasing competition from giant tech companies like Apple and Amazon. Now that Spotify has buttoned up all of its renegotiated music licensing deals with major labels, the company is expected to go public using an unusual direct listing (as opposed to a traditional IPO) sometime later this year or early next.JPT